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March 23, 2020, 4:22 a.m. EDT

Time Out shares fall after warning over virus hit

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By Adria Calatayud

Shares of Time Out Group PLC fell Monday after the company warned that the coronavirus pandemic has had a significant impact on its performance. However, the media and entertainment group said its adjusted loss narrowed last year, thanks to higher revenue.

The pandemic has led to the closure of all six Time Out Markets and caused a slowdown in advertising revenue, it said. It isn't currently possible to quantify the full impact given the material uncertainty of the situation, the company said.

Shares at 0802 GMT were down 13% at 45.50 pence.

For 2019, Time Out's adjusted loss before interest, taxes, depreciation and amortization narrowed to 4.7 million pounds ($5.5 million) from a loss of GBP8.1 million in 2018. Revenue jumped 58% to GBP77.1 million last year from GBP48.8 million a year before, driven by the expansion of its Time Out Market venues--which house restaurants and cultural activities.

The company said it won't be releasing its results for 2019 on March 26 as scheduled after a request from the U.K.'s Financial Conduct Authority that all listed companies observe a moratorium on the publication of preliminary financial statements.

Time Out said it had cash reserves of GBP11.4 million as of Feb. 29 and an undrawn debt facility of GBP18 million.

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